If you are into regular buying and selling of real estate properties then it is quite likely that you would have some basic understanding about the roles and responsibilities of property settlement agent. Unlike purchase and sale of other movable and immovable assets when it comes to real estate buying and selling there are some unique steps that one should go through.
Most of these steps have legal, statutory and compliance related aspects to it and therefore it has to be done carefully and within a time bound period. Since there are many stakeholders involved in the entire process the entire job of property settlement has to be handed over the professionals. This is because even if one of the stakeholders fails to discharge their responsibilities, then there is a risk of the entire transaction falling through.
Let us now look at the various roles and responsibilities of a property settlement company. As mentioned above their main task is to ensure that the various formalities are gone through efficiently and quickly so that the property ownership transfer can happen smoothly. There are many professionals whose roles are important in the whole settlement process. At the outset you must understand that as a customer you would do better to hire their services instead of trying to do it on your own. This is very important because if you are inexperienced and try your hand at it, is quite likely that you will trip and fall by the wayside. The process of getting up again and rectifying the mistakes might be too long and you might lose the transaction altogether.
The roles of property lawyers and attorneys is very important because they help in looking up the property from the legal angle and ensure that the seller is the rightful and complete owner of the property that he is planning to sell. They make sure that the property is free from encumbrances, covenants and other such problems. Further there is also the role of property valuers and appraiser whose role is to give a correct picture regarding the fair market value of the property. Documentation specialists also have a big role to play. They draft the various property buying and selling agreements and ensure that it is executed at the right place at the right time. The entire process of property settlement comes to an end only when the property is transferred from the seller to the buyer and the seller gets the right consideration for it.